India: Hot-rolled steel plate prices remain stable amid monsoon-induced market slowdown

• Benchmark HRC, CRC prices remain unchanged w-o-w
  
  
• Market sentiment cautious ahead of mill price revisions
  
  

India's trade-level hot-rolled (HR) plate prices (IS2062, Gr E250 Br, 20-40 mm) remained unchanged across major markets during the week ended 1 July 2026. Prices in Mumbai were stable at INR 60,700/t ($637/t), while Delhi prices continued to hold at INR 60,000/t ($629/t). Market activity remained largely need-based, with subdued demand keeping overall sentiment cautious. All assessments are ex-Mumbai and exclude 18% GST.

HRC prices stable

BigMint's bi-weekly benchmark assessment for HRC (IS2062, Grade E250, 2.5-8 mm/CTL) in Mumbai remained stable w-o-w at INR 58,200/t ($615/t) as of 30 June.

Likewise, the benchmark assessment for CRC (IS513, Grade O, 0.9 mm/CTL) was unchanged at INR 65,200/t ($689/t). All assessments are ex-Mumbai and exclusive of 18% GST.

Trade market slow

The HR plate market remained stable during the week, with trading activity continuing at a subdued pace. Market participants reported limited enquiries and a lack of significant buying. Demand remained weak, as most buyers restricted purchases to immediate requirements rather than building inventories.

Market sentiment also remained cautious ahead of the anticipated monthly price revisions by mills. As a result, buyers largely stayed on the sidelines, preferring to monitor market developments before making fresh procurement decisions. This wait-and-watch approach, coupled with sluggish downstream demand, kept overall market activity muted during the period.

Import and export volumes

India's bulk HR plate imports stood at 44,376 t as of 26 June, with an additional 27,680 t scheduled to arrive by the end of June. During the same period, bulk HR plate exports were recorded at 62,757 t.

Outlook

HR plate prices are likely to trade within a narrow range supported by the stability in HRC prices. However, overall market activity is expected to remain subdued amid weak demand and seasonal disruptions during monsoon.

Buyers are likely to continue following a need-based procurement strategy, limiting the potential for any significant improvement in trading volumes. Market participants are also awaiting upcoming mill price announcements, which are expected to provide clearer direction to market sentiment and pricing trends in the weeks ahead.